(FORTUNE) – The lumber shortage is getting worse. On Tuesday, the price per thousand board feet of lumber soared to an all-time high of $1,359, according to Random Lengths. Since the onset of the pandemic, the price of lumber has skyrocketed 280%.
For weeks, Fortune has relayed a similar message to readers: The price of lumber is likely to continue posting new all-time highs this spring. To the ire of homebuilders and DIYers alike, that prediction continues to be right. And signs point to this all-time high soon getting topped too. On Tuesday, the July futures contract price per thousand board feet of two-by-fours jumped $63 to $1,481. That squeeze is a result of homebuilders scrambling to get lumber for upcoming summer projects they already have on the books.
"The fact is that we are in the midst of a global supply shortage for all forest products, and pure panic is accelerating the pace of demand. Additional supply cannot and will not be added fast enough to allow for sustained price deceleration in the coming year," Kyle Little, COO of Sherwood Lumber, told Fortune on Tuesday.
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